ACME Solar is in advanced discussions with lenders, including REC Limited, Power Finance Corporation Limited, State Bank of India and banks from the Middle East, to secure debt amounting to Rs 40 billion to fund the green ammonia and green hydrogen projects in Tamil Nadu, India and Oman.
The discussions have reached an advanced stage, and the loan is expected to be sanctioned soon. The Tamil Nadu project encompasses the establishment of a 5,000 MW solar photovoltaic plant, a 1.5 GW electrolyser, and a 1.1 million tonne ammonia synthesis loop. In Oman, ACME Solar has signed a land agreement to establish the green ammonia and green hydrogen facility with plans for a USD3.5 billion investment.